Can I withdraw cash from my credit card?
Yes, you can usually withdraw cash on your credit card up to a certain limit. But there’s a difference to the way you pay interest on it compared to making a purchase.
When you shop with your credit card in stores or online, you have a 'grace period’ before you start paying any interest on what you’ve spent – meaning that, if you clear your balance in full when you receive your statement, you won't pay interest at all.
But with a credit card cash advance, you’ve no grace period: interest is charged immediately, and usually at a higher rate too.
Where can you withdraw cash using your credit card?
If you find you need to withdraw cash from your credit card, you’ve got a few options depending on where you are:
Cash machines (ATMs) – probably the most common way of taking out money
Your card provider’s branch (if they have one) – just remember to bring ID with you
Shops and foreign currency desks – if they offer cashback or cash exchange
Abroad – but be warned, foreign currency fees can stack up quickly, especially if you don’t have a travel credit card.
What types of transactions are considered to be a cash advance?
Some transactions are viewed as a cash advance by your card provider even if you don’t actually withdraw any money. These include:
Making a mortgage payment
Paying a utility bill
Buying travel money or travellers' cheques
Buying foreign currency
Buying gift vouchers
Buying digital currency, coins, or banknotes
Betting or gambling (including lottery tickets and most transactions in a casino)
Making an electronic cash transfer (for example, transferring money from your credit card to a current account)
Online trading such as making investments.
Bear in mind...
If you're thinking about making one of these transactions, check with your credit card provider first to see if you’ll have to pay fees.
How much cash can you take out of a credit card?
The amount of cash you can withdraw depends on your:
Credit limit
Balance
Any daily withdrawal or transaction limits, either from your lender or the cash machine itself.
You’ll often only be able to use between 20% and 60% of your total credit limit for cash advances. And you might also find a limit to the number of times you can withdraw cash.
You can find your daily withdrawal and total cash limits on your credit card statement or online account.
Is it expensive to withdraw money from a credit card?
Yes, it can be expensive to withdraw money from a credit card and here’s why:
You’ll almost always pay a fee, which could be a fixed amount or percentage (usually around 3%) of the amount withdrawn
You’ll be charged interest from the day you take the cash out until the day you pay off the balance
The interest rate is often higher than the one for when you make purchases.
It’s also worth noting that if you’re withdrawing cash abroad, you could face extra charges.
Is it worth withdrawing cash from a credit card?
Withdrawing cash on a credit card is one of the most costly ways to get your hands on money, so be wary. You'll be charged daily interest and often an extra fee based on how much you withdraw. So the more you take out, the more it’ll cost you. But there are other disadvantages to a cash withdrawal:
It will leave a record on your credit file, potentially damaging your credit score
Repeatedly taking out cash on a credit card is a red flag to lenders who may think you’re desperate for credit, which could make it hard to borrow in the future.
But if you find yourself in a tight spot and need cash urgently with no other way of getting hold of it, a cash advance may be your only option.
Can you withdraw money from a credit card to your bank?
If you want to move money from a credit card to your bank account, you’ll need a money transfer credit card.
There’s usually a fee to do this but some lenders offer 0% interest on the balance for an agreed period. What you’re offered will depend on the lender and your personal circumstances.
Learn more about money transfer credit cards.
How do I pay back a cash advance?
You pay back your cash advance in the same way you pay off regular credit card spending – by debit card, bank transfer or direct debit.
But it's best to pay it back as quickly as possible, before your statement arrives, if you can. This avoids you paying any more interest than you have to.
You can find more in our guide to paying off your credit card.
How can I withdraw cash from a credit card with no fee?
You can’t usually withdraw cash on a credit card in the UK without paying fees. But there are a few ways you can minimise how much you pay:
Look into money transfer cards, which let you transfer money from your credit card to your current account
Pay off your balance as soon as possible so you pay less interest
Make fewer withdrawals to avoid one-off charges.
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FAQs
Can I get a cash advance immediately?
Yes, you can get an immediate cash advance on your credit card. But check with your provider for any limits on how much you can withdraw.
Do all credit cards allow cash advances?
Yes, most credits do allow cash advances. But it’s not a guarantee, so look at the terms and conditions of your card.
Does withdrawing cash on a credit card affect my credit rating?
Yes – withdrawing cash on a credit card leaves a record on your credit file, so can affect your credit score. This is because a cash advance is a form of borrowing. It tells banks and lenders you don’t have enough available cash elsewhere.
Can I withdraw cash abroad?
You can withdraw cash abroad, but you’ll probably have to pay a currency conversion fee for this on top of any cash advance fees and interest payments. This fee could be anything between 2.5% and 2.99% of the withdrawal amount. If you withdraw cash in sterling, rather than the local currency, you’ll also pay an extra charge. This is called a dynamic currency conversion (DCC) fee and is almost always more expensive than your credit card provider’s currency conversion fee. When you’re paying for goods abroad, always choose to pay in the local currency rather than in pounds sterling.
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Allie has spent her career helping people quickly understand complicated topics, to help them save money and focus on what matters. With almost 10 years’ experience writing, leading and managing content, she is an expert in personal finance and insurance products.
Ele Clark is an award-winning editor who has held leadership roles at Which? and news-stand publications in London and Dubai. She’s appeared across the press and media, including BBC’s Panorama. With almost 20 years’ experience in personal finance, insurance and consumer journalism, she leads a talented team at Compare the Market, creating insightful, accessible content to help people make informed financial decisions.
Charlie is a senior commercial leader with close to a decade of experience across the UK’s leading personal-finance and comparison platforms. Before joining Compare the Market as Head of Commercial in 2024, he held senior commercial roles at TotallyMoney and MoneySuperMarket Group.
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